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HHFDC was in Hawaii housing in—something like, HHFDC is the only agency that you have
<br />to go through. Only except an application once a year, February 151h, okay?
<br />On February 15'', last year, 2019, my last chance of even getting in, my application in was gone,
<br />and I explained that, okay? If I need to apply again, it will be the following year. Now, from the
<br />letter I sent to you back on February 4h, as soon as, as soon as I received the rezoning to [RM-]
<br />1.5, I started working. I have met with many potential developers that can work with me,
<br />particularly the most important one that I sent to you is I worked with a company called JSM.
<br />We spent a few months, prepared all the documents to submit to HHFDC for the LIHTC nine
<br />percent. The application arrived at HHFDC on February 161h because they tried to send it by
<br />UPS from San Jose, and the UPS plane developed a mechanical function, and the package did
<br />not arrive the next day. Well my drawings were delivered there on the 14'', so they were
<br />disqualified, okay? In fact, from 2014 on, I don't want to repeat, if you have that letter, I've
<br />gone through many, many processes trying to get that. The last process, that's why I mentioned
<br />why I put it on the market, on
<br />RAFFIPIY: Mr. Tai?
<br />TAI: Yes?
<br />RAFFIPIY: Excuse me, do you still intend to develop that property?
<br />TAI: Yes, that's why I put it on the market. Now, let me explain. No, it's very important,
<br />because you can see all my previousI have exhausted all my contacts in terms of finding
<br />someone to do with me. In fact, for the HHFDC for the LIHTC, I only found out in early 19
<br />no, 2018, if it's a for-profit company, they cannot accept a non-profit entity to be their partner.
<br />They cannot. Now, so I've exhausted all my contacts. Up to this February 15, 2019, I went to
<br />try to get EB -5. EB -5 is the immigration loophole you can call, people invest $500,000, they can
<br />develop. Now, that one, I don't have to go through HHFDC, because, you know, it goes through
<br />to the LIHTC, they require me to have previous experience, which I don't. That's why I also
<br />need a partner, okay? But, once I use the EB -5, I don't need that because I'm not going through
<br />HHFDC. Strictly from people who want to immigrate to US, but that also fell through. That's
<br />why that was my last ditch, or not on February 15'', I was not able to get my application, because
<br />I just don't have the money.
<br />There's no funding, there's no project. I'm talking about to build workforce housing now. You
<br />cannot build market rate [sic] housing here. You can only build market rate, you know, because
<br />of the pricing. Now, the only way that I can attract developer that I don't know is to market it.
<br />If I market it, anybody comes in, either he will accept me as a partner or they can develop it. If
<br />someone is willing to develop affordable housing, which I imagine, all the politicians will ask
<br />for, then what's wrong with it, all right? But, I cannot sell it now, and also because the
<br />February 151h, I have to advertise in April because they need always a year to get the application
<br />in for the next April 15'h deadline.
<br />RAFFIPIY: Mr. Tai, can you wrap up in a minute?
<br />EXHIBIT A
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